Cork Credit Unions say thousands of customers switching to local credit unions as banks exit market

THOUSANDS of customers across Cork city and county have switched their current accounts to Cork credit unions in response to banks exiting the Irish market.

Eleven Credit Unions across Cork city and county recently launched a campaign to encourage people to switch to them for their current account services.

The 11 credit unions involved in the campaign have 22 offices throughout Cork city and county.

The credit unions involved are Access, Douglas, First South, Gurranabraher, Macroom Synergy, HSSCU, Bishopstown Mallow, St Paul’s, and Youghal.

A spokesperson for the group said that the campaign has resulted in thousands of Cork customers opening current accounts with them where they will avail of services like overdrafts and direct debit facilities.

Credit unions have expanded their offerings over the years and now offer a range of services such as current accounts and mortgages.

Gary Hanrahan of Cork Credit Unions said they are delighted to see people make the switch to them.

“We are delighted that people are seeing the value that credit unions can offer and that they are making the switch.

“Credit unions remain at the heart of communities all over Ireland and each credit union is involved with giving back locally between sponsorship and charity.

“We are delighted to welcome new members and we look forward to welcoming even more over the coming months,” he added.

The Irish League of Credit Unions said that nationwide around 50,000 people have now switched their current accounts from banks to credit unions.

A spokesperson highlighted that credit unions offer competitive rates, with current account management fees starting at just €4 per month, free banking for students, and have free direct debit and standing order processing.

The current accounts at the credit unions are also compatible with Apple Pay, Google Pay and Fitbit Pay and offer a globally accepted Mastercard Debit Card.